Apple Inc. (AAPL) is set to unveil its new 11 and 12.9-inch models of the iPad Pro. The new devices will feature the same M2 processor as the latest MacBook Air—the biggest change to the tablet in 18 months. The new processor will reportedly increase the iPad's speed by 20%.

Apple typically announces new launches in October ahead of the holiday gift-buying season.

Last month, Apple launched a new iPhone line, a new Apple Watch and the latest AirPods Pro.

According to Bloomberg, the company is also developing a new entry-level tablet with a USB-C port.

The tech giant is hoping the new devices will boost revenue. iPad sales slid 14% during the last holiday quarter and fell 2% in the most recent quarter.

Shares of Apple closed Monday at $142.41, up $4.03, or 2.91%.